0 Euro - Köln am Rhein

The EuroSouvenir programme, launched around 2015 by the European Banknote Memory Organisation, exploits a genuine legal loophole: notes denominated at zero euros are technically not currency and therefore require no central bank authorisation to produce. Oberthur Fiduciaire prints them on the same cotton substrate and with the same watermark security as real euro notes — the resemblance is entirely deliberate, designed to make these feel worth collecting rather than discarding.

Köln was among the early wave of German city issues in the 2017 run. Collectors should note that some regional issues from this year were produced in print runs as low as 5,000, though specific figures for individual city variants were rarely disclosed publicly.